India: No Bids Received in SAIL Pig Iron Auction

Steel Authority of India Ltd (SAIL) - a govt. owned steel producer conducted auction for around 6,100 MT steel grade pig iron today from its Rourkela Steel plant (eastern India). The auction received weak response as entire offered quantity remained unsold.

As per sources, in today's auction the company has kept base price similar to last auction at INR 23,500/MT (USD 327) ex-plant, Rourkela.

Prior to this, the company conducted auction on 11th Nov'19, in which close to 3,300 MT (80%) material got booked by local traders & mill owners at a base price of INR 23,500/MT ex-plant, Rourkela.

Sources believe, due to sufficient availability of pig iron with mills, there was no participation in RSP's auction. Notably in recent last week auction the buyers actively booked material at same price range.

Steel grade pig iron offers by pravate mills are hovering at INR 22,900-23,000/MT ex-Jajpur, Odisha, INR 24,100-24,400/MT ex- Durgapur, INR 23,800/MT ex- Bokaro, Jharkhand & INR 24,100-24,200/MT FoR Raipur/Raigarh.